An anonymous director reports

GOLD RESERVE PROVIDES UPDATE ON COURT DECISION IN CITGO SALE PROCESS

On Sept. 18, 2025, Judge Leonard Stark of the U.S. District Court for the District of Delaware issued a decision denying Gold Reserve Ltd.'s motion to strike the special master's notice of superior proposal and granting the special master's request to terminate Gold Reserve's Dalinar Energy SPA and sign Elliott's Amber Energy SPA.

Judge Stark stated that he viewed his ruling on the request to terminate as "entirely ministerial" and intended only to bring "the paperwork" of the SPA in line with the current status of the special master's recommendation.

Judge Stark confirmed that he was not reaching a decision on the merits of the ultimate question of what bid he would approve.

The decision was delivered orally from the bench. Gold Reserve expects a written opinion and order to be issued shortly.

We seek Safe Harbor.